Facebook, like other companies in a bumpy road before, announced a change in its name and logo.
CEO Mark Zuckerberg on Thursday said Facebook Inc. takes a new name called Mata Platforms Inc., or in short, Meta, to mirror the company’s pledge to come up with a fresh technology that will surround the user, or the “metaverse.” The social network, meanwhile, will retain its name Facebook, as well as the company’s chief executive and senior leadership, AP News reported.
Its corporate structure will still be the same and also the issue that the company has been dealing with.
With its announcement, accusations from disbelievers emerge that the company is attempting to conceal the Facebook Papers controversy which became its biggest setback since Zuckerberg founded it 17 years ago in a dormitory room in Harvard.
Facebook was revealed by the documents to prioritize profit instead of removing hate, political conflict and misinformation that has a worldwide reach through the online platform.
Laura Ries, a marking consultant, noted the same rebranding that happened on BP, an energy company that renamed itself as “Beyond Petroleum” amid environmental backlash.
“Facebook is the world’s social media platform, and they are being accused of creating something that is harmful to people and society,” Ries said. “They can’t walk away from the social network with a new corporate name and talk of a future metaverse.”
The name Facebook remains, as well as Messenger, Instagram, and WhatsApp. The change does not also affect the corporate structure of the company.
However, the company’s stock will begin trading under MVRS, a new ticker symbol, on Dec. 1.
Meanwhile, the metaverse is a kind of internet brought to life as it appears in 3D. A “virtual environment,” as what Zuckerberg defines it. Through the new technology, the user can go inside the screen instead of looking at it. With virtual reality headsets, amplified reality glasses, applications on smartphones and other gadgets, the technology can allow users to meet.